"We understand how special the Allen Edmonds brand is to its current consumers, and we plan to take it forward in a careful and disciplined way. We welcome their extensive knowledge and expertise in the men’s category," said Diane Sullivan, CEO, Caleres in a statement. “We see tremendous opportunity around Allen Edmonds’ direct-to-consumer business, which represents 75% of current sales. We’re also eager to explore their manufacturing resources, as we continue to focus on our ability to increase our speed to market”, she added.

The acquisition of Allen Edmonds is being funded through existing cash and the company’s revolving credit agreement. Caleres, formerly known as Brown Shoe Co, said it will provide more details regarding the acquisition during its fourth quarter 2016 earnings conference call.